What Type of Challenges do Couples without Children Face with Estate Planning?

Estate planning is very important and it’s a bit different for everybody. If you have children, you may face the issue of which child gets what when you pass. However, when a couple doesn’t have children, estate planning provides many different challenges.

Is estate planning important for couples without children?

Even though you don’t have children, estate planning is still very important. You must know what will happen if you pass and where your assets will go. It’s also important to know who will act as your power of attorney. It doesn’t matter if you don’t have children, you still need at least a basic estate plan in place, just in case.

What happens if you don’t have a plan?

Without an estate plan naming a power of attorney, providing a will and providing medical directives, you may not like what can happen. Many times, family members will gain court permission to act and they may split up your assets in a way you wouldn’t like. A family member may also make some decisions that simply don’t go along with your wishes.

Better estate planning if you don’t have children

Most couples will simply pass everything on to their spouse, which is always a good plan. However, you may also want to state what happens if both you and your spouse pass at the same time. Make sure you name the person who will act upon your behalf and who will inherit your assets if you both pass.

It’s also important to consider other circumstances, such as passing when your spouse isn’t capable of making sound decisions about your estate. The more detailed you can be about what will happen if you pass in different situations, the less questioning will be left when you do pass.

The best way to ensure your estate planning is done correctly is to hire a skilled attorney to help. With the right advice, you can put together the right will, power of attorney and other necessities for your estate plan.

About Michael R. Cahill

Mr. Cahill has spent his professional career dedicated to assisting clients with planning their estates, protecting their assets from creditors, and creating business entities to operate companies or manage investments.